Itau Sticks to Redecard Offer

Itau plans to stick to its offer of BRL35.00 ($18.32) for each outstanding share of Redecard, it says, in a bid to de-list the credit card processor. The decision comes after minority holder Lazard Asset Management asked for an independent evaluation of the company. The Brazilian bank won’t raise the offer, originally announced in February, however even if the second opinion indicates a higher value. Itau, owner of 50.01% of Redecard, would look to sell its stake if it can’t get 100% of Redecard through the offer. Itau is advising itself in the process.